Cogent Communications Holdings, Inc. to Post Q2 2024 Earnings of ($1.30) Per Share, Zacks Research Forecasts (NASDAQ:CCOI)

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) – Research analysts at Zacks Research cut their Q2 2024 earnings estimates for shares of Cogent Communications in a note issued to investors on Tuesday, June 18th. Zacks Research analyst R. Department now expects that the technology company will post earnings per share of ($1.30) for the quarter, down from their prior estimate of ($1.04). The consensus estimate for Cogent Communications’ current full-year earnings is ($4.63) per share. Zacks Research also issued estimates for Cogent Communications’ Q3 2024 earnings at ($1.16) EPS, Q4 2024 earnings at ($1.07) EPS, FY2024 earnings at ($4.83) EPS, Q1 2025 earnings at ($1.06) EPS, Q2 2025 earnings at ($1.08) EPS, Q3 2025 earnings at ($0.90) EPS, Q4 2025 earnings at ($0.83) EPS, FY2025 earnings at ($3.87) EPS, Q1 2026 earnings at ($0.36) EPS and FY2026 earnings at ($0.95) EPS.

CCOI has been the subject of several other research reports. JPMorgan Chase & Co. dropped their target price on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a research report on Monday, May 13th. StockNews.com lowered shares of Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. Bank of America lowered shares of Cogent Communications from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $85.00 to $75.00 in a report on Thursday, March 7th. KeyCorp dropped their target price on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. Finally, TD Cowen decreased their price target on shares of Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cogent Communications currently has an average rating of “Hold” and a consensus target price of $75.14.

Cogent Communications Stock Down 2.0 %

NASDAQ CCOI opened at $52.36 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.80. Cogent Communications has a 52 week low of $50.80 and a 52 week high of $86.00. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of 2.07 and a beta of 0.41. The company has a fifty day moving average of $59.53 and a two-hundred day moving average of $67.60.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, May 9th. The technology company reported ($1.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.10) by ($0.19). Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. The company had revenue of $266.17 million during the quarter, compared to the consensus estimate of $274.13 million.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Thursday, May 23rd were issued a dividend of $0.975 per share. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $3.90 dividend on an annualized basis and a yield of 7.45%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.97. Cogent Communications’s dividend payout ratio is currently 15.45%.

Insider Buying and Selling at Cogent Communications

In other news, CEO Dave Schaeffer sold 50,000 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $59.44, for a total value of $2,972,000.00. Following the completion of the transaction, the chief executive officer now directly owns 4,553,038 shares of the company’s stock, valued at approximately $270,632,578.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cogent Communications news, Director Lewis H. Ferguson sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $58.90, for a total value of $117,800.00. Following the completion of the sale, the director now owns 17,623 shares of the company’s stock, valued at $1,037,994.70. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Dave Schaeffer sold 50,000 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $59.44, for a total transaction of $2,972,000.00. Following the transaction, the chief executive officer now owns 4,553,038 shares in the company, valued at approximately $270,632,578.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 178,440 shares of company stock valued at $9,828,016. 11.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. EntryPoint Capital LLC acquired a new stake in shares of Cogent Communications during the first quarter worth $26,000. SRS Capital Advisors Inc. increased its holdings in shares of Cogent Communications by 313.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock valued at $38,000 after purchasing an additional 383 shares during the period. Hexagon Capital Partners LLC increased its holdings in shares of Cogent Communications by 109.9% in the fourth quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock valued at $48,000 after purchasing an additional 333 shares during the period. Covestor Ltd raised its stake in shares of Cogent Communications by 17.2% in the first quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after purchasing an additional 276 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Cogent Communications during the first quarter worth about $136,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.